EPS Acquires 100 Percent Stake in CISB ATM Services Pvt. Ltd.Electronic Payment and Services (P) Ltd. (6:13PM)
Business Wire India
Electronic Payment And Services (P) Ltd. or EPS announced its acquisition of the complete stake in CISB ATM Services Pvt. Ltd., from CIS Bureaus Facility Services Pvt. Ltd. (CISB), thereby making it a wholly-owned subsidiary of EPS.
In 2012, the CISB-led consortium had bagged the Ministry of Finance contract to install and manage ATMs for 26 banks across Maharashtra Circle. CISB ATM Services Pvt Ltd. was thereafter set up as a joint venture between CISB and EPS to execute the contract.
Speaking on this, Mr. Mani Mamallan, Founder, Chairman & Managing Director of Electronic Payment And Services (P) Ltd. said, "It is a great moment as we witness such growth which would not only be a milestone set but also a huge boost to EPS. This transaction brings EPS closer to our clientele, strengthens our business relationships and expands its participation in higher growth segments. The subsidiary will focus on ATM deployment and related services and we endeavour to expand our ATM services portfolio to 15,000 machines by 2017 to support banks in reaching the unbanked with our fully integrated and transformative portfolio of ATM services and solutions. This strategic decision opens doors for fresh business objectives, newer initiatives and innovative payment solutions thus catering to expanding banking needs on a national level," he added.
Mr. K. N. Pimple, Managing Director of CISB, said, "The Ministry of Finance contract for ATM deployment in Maharashtra cluster is quite prestigious and the successful completion of the contract is remarkable. With the expertise and learning gained, CISB will continue to pursue growth opportunities around its core business skills and relationships with clients in the banking space. Going ahead, clients would prefer service providers offering cohesive, broad-based services and CISB would now be well-positioned to cater and deliver strategic value to such discerning clients."
EPS is a leading retail banking technology and ATM services provider, which manages and operates ATMs of most of the leading public sector banks in India. With over 5000 ATMs deployed across the nation, EPS also specializes in centralized ATM managed services, thus catering to business objectives of the banks. The takeover is the next step in the transformation of EPS's market presence and brand equity in the ATM industry with financial services growing at an accelerated rate. With this approach, EPS would be able to penetrate the untapped potential of semi-urban and rural India under the 'Financial Inclusion' plan initiated by the Ministry of Finance, thus catering to the omnichannel services offered by banks.
Electronic Payment and Services (P) Ltd. is a leading payment system company founded in 2011 by veterans from the Banking, Technology, and Retail industry. EPS is headquartered in Mumbai, the financial hub of India and was launched to bridge the gap in demand for efficient, secure and technology driven products and services for the banking industry. EPS specializes in the retail banking & technology domain and is highly adept at end-to-end Automated Teller Machine (ATM) Operations & Outsourcing Services as well as a holistic range of ATM Managed Services, thereby enabling banks to concentrate on core banking functions.
EPS has built a firm reputation for delivering results, reliability and dependability of our business services and commitment for excellence to a majority of public sector banks across the country and established its project execution skills by successfully deploying over 4200 ATMs in urban and rural locations, in union with the Ministry of Finance (Govt. of India) led mission for Financial Inclusion and Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme in India.
CISB (CIS Bureaus Facility Services) has been for last 10 years, a leading and renowned provider of security and facility management solutions specialising in providing comprehensive end-to-end outsourced solutions & service for sectors where security and safety risks are considered a strategic threat.assessment and management of facilities, e-Surveillance and Smart City solutions, security and safety risks for Corporates, Industries, Townships, ATM's, Point of Sale Terminals, Self Service Kiosks, Infrastructure, Materials, Valuables and People.
CISB has over 14 Regional and 36 Branch Offices all over India with full-fledged staff and facilities and International offices in Dubai and Abu Dhabi for UAE operations with over 18,000 people employee strength.
Mumbai, Maharashtra, India